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Pros and Cons of Healthcare Executive Careers – 12/18/2012

Executive careers in healthcare provide unique opportunities of both working in public and with the public. This is an important role which requires extensive education and training and provides very high pay. However, this position is not without both pros and cons and both should be examined carefully before pursuing this career path.

Pros

Recession Proof Career. One of the top benefits in being a hospital executive is that it is a recession proof career. Jobs in healthcare are fast growing and positions in executive roles are always under pursuit.

Salary. Executives in the healthcare field are some of the highest paid individuals in healthcare. The Bureau of Labor Statistics states that top executives in most fields earn a median annual salary of $101, 250, although healthcare executives have the unique option of earning much more. The amount of experience, degree attained, and field of medicine pursued determine how much pay a healthcare executive receives. Physician executives make the highest salary among executives in the healthcare field. According to the Becker’s Hospital Review, the pay for a Physician executive
has increased 8.7 percent since 2009, translating to roughly $385,000 per year.

Rewarding and Important Role. A physician executive or hospital executive is expected to make decisions that will change the way a hospital or private practice operates. These decisions are important to the future of the practice and are often made with the patients' needs in mind. Healthcare executives care about the patients' needs and partner with other medical staff to discuss necessary changes. Executives are often spokesmen for the clinic or hospitals and are often contacted by the press to answer questions about the practice.

Cons

High Pressure Career. Working as a hospital executive is very challenging. Since the real decision making is made by healthcare executives, any mistakes in making these decisions could impact the way the hospital is viewed by the public as well as how the patients are treated and how they receive care in the future. This is also a highly managerial position that requires strong focus and the ability to multitask continuously.

Extensive Educational Requirements. According to the Michigan Civil Service Commission, a physician executive must possess extensive educational and experience requirements, which includes a medical degree from an accredited school of medicine and six years of post-medical degree experience in the practice of medicine. This must also include three years of experience in the supervision of a medical program. These extensive entrance requirements put younger candidates on the back burner in favor of senior candidates.

Lack of Hands-on Patient Care. If you’re getting into the healthcare executive world to deal with patients hands-on, think again. This is especially the case if you’re applying to become a physician executive. The bulk of tasks that a physician executive must do day-in and day-out are mostly managerial and are performed behind the scenes. Also, attaining the additional education required to handle the business side of things takes more time away from the practice.

So as you see, there are an equal amount of pros and cons to being an executive in the world of healthcare. While there are some substantial downsides to being a healthcare executive, there are many rewarding features that include recognition amongst your peers and room for advancement right to the top. Perusing this career doesn’t happen overnight, but it is something that can be achieved through proven hard work and results. The earlier you begin attaining the skills necessary to become a healthcare executive, the better your job offers will be and the higher you salary will be.